The I stands for Internal…

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UBS to restrict U.S. offshore account access-source******But the Swiss giant is still embroiled in a civil lawsuit in which the U.S. Internal Revenue Service is trying to get information about 52,000 U.S. accounts and it faces a first court hearing on July 13.******This article while well written contains a large error, the IRS the United States Federal Government’s Tax Agency is known colloquially and officially as the Internal Revenue Service, not Inland. ******This error makes your article look sloppy, and as if no one has proof-read it. The time it takes to do proofreading and fact-checking is a few seconds by typing IRS into Google.******Steven B.******We corrected. Inland Revenue is the name of the tax collection authority in a number of countries, but not, as you point out, in the U.S. GBU Editor******

Holding a tax rebate letter from the Internal Revenue Service, U.S. President George W. Bush speaks about the economy during a visit to a small business in Sterling, Virginia March 26, 2006. REUTERS/Kevin Lamarque

The US should back off with the bullying of the Swiss to comply with OUR tax laws We want them to release the names of the Americans with accounts in their banks.(laughable)Soon the Germans will start bullying the US into complying with THEIR tax laws and we will have to release the names of the Germans with accounts in our banks. (laughable?)The USA is a big tax haven. Non resident aliens(foreigners) pay no taxes on interest earned in US banks. The EU countries could use our bullying of the Swiss as a precedent and demand that the US comply with EU tax laws and force the US into releasing the names of their citizens who hold accounts in our banks.(The US established the precedent, why shouldn’t we comply with our own precedent)Then the EU citizens will pull all their money out of our banks (like the Americans are doing to the Swiss banks)and our banks will collapse AGAIN. this time there will be a GREAT DEPRESSION!